Noble Group Plans to Sell Large Holdings of Aluminum to Free Up Capital

Mining Weekly reported that Noble Group’s plan to free up capital by reducing stockpiles includes selling off some of its large aluminum holdings.
As quoted in the market news:

As part of a strategy to shrink its metals franchise, the second-biggest division by revenue after energy, Noble has been quietly selling copper, zinc and lead since July, two sources familiar with the matter said.
The company has not publicly commented on the changes or on a series of high-profile departures from the metals group. Still, company officials have privately portrayed them as a shift away from noncore, capital-intensive areas as the company focuses on its legacy strengths, which include alumina and aluminium trading. Yet the inventory reduction has also occurred in aluminium, the sources said, suggesting that the metals division shake-up may be deeper than widely known.
“Inventories across all commodities have been ordered down to free up cash since Q2,” said a source familiar with the matter. He said sales of copper, lead and zinc will likely continue as the company cuts its exposure to capital-intensive markets like copper and following the departure of the traders.

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